About Crew

Board of Directors

John A. Brussa

Chairman

Partner, Burnet, Duckworth & Palmer LLP

Mr. Brussa is Chairman of the Calgary-based energy law firm of Burnet, Duckworth & Palmer LLP and has been a partner of the firm since 1987, specializing in the area of taxation. He has been the Chairman of Crew since it was founded in 2003. He served on his first public oil and gas board in 1990 and currently serves on the board of directors for a number of energy and energy related companies. Mr. Brussa brings a wealth of experience stewarding both private and public companies through continued industry evolution and growth, and provides key strategic direction for managing operational strategy, hedging, legal aspects, tax implications and corporate governance. Mr. Brussa holds a Bachelor of Arts degree in History and Economics and a Bachelor of Laws degree. He is a past governor of the Canadian Tax Foundation and a Gold Medalist (Law) from the University of Windsor

Jeffery E. Errico

Lead Independent Director

Chairman of Insignia Energy Ltd.

Mr. Errico currently serves as the Chairman of Insignia Energy Ltd., formerly a public, now private energy company, since 2007. Mr. Errico brings over 40 years of experience in all phases of oil and gas operations and engineering including production, drilling, facilities and economic and reserves evaluations both in Canada and the United States. He has served as an officer in junior, intermediate and large companies, including as the Vice President of Operations for the Canadian division of Deminex GmbH, a 450,000 bopd German based multinational oil company. Prior to Insignia, Mr. Errico was President and CEO of Petrofund Energy Trust, a public energy trust listed in both Canada and the United States which was sold for $3.7 billion in 2006. Since 1995, Mr. Errico has served on over 20 public and private boards with junior and intermediate energy and pipeline companies and has been a member of or chaired several committees, including Reserves, Governance, HS&E, Compensation and Audit. Mr. Errico currently serves on the Board of the NCE Diversified Flow-Through (16) LP. He is a Professional Engineer with a Bachelor of Applied Science Degree in Chemical Engineering from the University of British Columbia.

Dennis L. Nerland

Director

Partner, Shea Nerland Calnan

Mr. Nerland is managing partner of the Calgary-based law firm Shea Nerland LLP, practicing primarily in the area of tax and estate planning and has been a partner since 1990. He brings extensive background and expertise in legal, governance and risk matters. Mr. Nerland has a Bachelor of Science in Economics and Mathematics from the University of Calgary, a Master of Arts in Economics from Carleton University, Ontario and an LLB from the University of Calgary. Mr. Nerland is a member of the Law Society of Alberta, the Canadian Tax Foundation, the Calgary Bar Association, the American Bar Association and the International Bar Association. He has taken the Directors' Education Program offered by the Rotman School and is a member of the Institute of Corporate Directors, having been ICD.D certified since 2011. Mr. Nerland is currently a trustee of a number of private investment trusts and has and continues to serve on a number of public and private boards in the energy, technology and services sectors.

Karen Nielsen

Ms. Nielsen is the Senior Vice President and General Manager, Generation at ATCO Electricity Generation, a company specializing in developing, constructing, and operating gas-fired, cogeneration, combined-cycle and hydroelectric generation facilities. Prior to joining ATCO in 2017, Ms. Nielsen served as Vice President, Operations at ARC Resources Ltd. from 2013 to 2017. With 28 years of oil and gas operations, production and exploitation experience, Ms. Nielsen brings financial and technical acumen, and a proven record of performance in operations excellence, innovation and profitability. Her financial and commercial literacy is underpinned by experience in corporate reporting, financial accounting, reserves evaluations and NI 51-101 compliant resource assessments. Ms. Nielsen began her career with Imperial Oil Ltd. in 1989 as a Completions Engineer leading to increasing roles of responsibility in the areas of drilling, operations and exploitation at Alberta Energy Company, Upton Resources Inc., Koch Exploration Inc. and Birchcliff Energy Ltd. prior to joining ARC. Ms. Nielsen has a Bachelor of Science degree with distinction in Electrical Engineering from the University of Saskatchewan, completed the Global Institute for Leadership Development program and attended the Governor’s General Leadership conference. She is also a member of APEGGA, APEGBC, Institute of Corporate Directors, Canadian Society of Unconventional Resources and is a lifetime Member of the Society of Petroleum Engineers.

Ryan Shay

Director

Independent Businessman

Mr. Shay has in excess of 20 years of experience in the oil and gas industry and was Managing Director, Head of Investment Banking at Cormark Securities Inc. until he retired therefrom in June 2016. Mr. Shay was a member of Cormark’s Executive Committee, Risk Committee, Capital Markets Committee, Compensation Committee, Compliance Committee and Audit Committee. Mr. Shay joined Cormark in 1999 as an Energy Research Analyst and was promoted to the Executive Committee of the firm in 2000. He transitioned careers from Research to Investment Banking in 2007 and was promoted to Co-Head of Investment Banking in 2010 and Head of Investment Banking in 2013. Mr. Shay began his career in the investment industry with Peters & Co. Limited in 1996, earning his Chartered Financial Analyst designation in 1999 and was formerly with Deloitte & Touche in 1993, earning his Chartered Accountant designation in 1996. Mr. Shay received his Bachelor of Commerce from the University of Saskatchewan and graduated with Great Distinction. Mr. Shay also sits on the Board of Perpetual Energy Inc., Journey Energy Inc. and on the National Board of the Juvenile Diabetes Research Foundation (JDRF).

Dale O. Shwed

President

Chief Executive Officer and Director

Mr. Shwed has been the President and Chief Executive Officer of Crew since it was founded in 2003. Mr. Shwed holds a Bachelor of Science degree specializing in Geology. Prior to Crew, Mr. Shwed was a founder of Baytex Energy Ltd. where he was the President and Chief Executive Officer from 1993 through 2003 when Baytex reorganized into an income trust and spun out Crew Energy Inc. Mr. Shwed started his career in the oil and gas industry in 1980 and has and continues to serve on the boards of a number of public and private energy companies.

David G. Smith

Director

President and Chief Executive Officer, Keyera Corp.

Mr. Smith is the President and Chief Executive Officer of Keyera Corp., a public energy midstream company, and has held senior management roles with Keyera and its predecessors since the company's inception in 1998. His knowledge of oil and gas midstream and transportation issues along with his business, economics, governance and capital markets expertise provide strategic insights for Crew as the Corporation continues to expand its Montney development. Mr. Smith has more than 30 years of experience in the energy industry in Canada, beginning his career with Imperial Oil Limited in 1982 and joining Gulf Canada Resources Limited in 1991. He holds a Bachelor of Mathematics degree from the University of Waterloo, a Master of Business Administration degree from Harvard University and the ICD.D designation from the Institute of Corporate Directors.

Glossary

Abbreviations

an indication of the specific gravity of crude oil measured on the API gravity scale.

Bbl

barrel

bbl/d

barrels per day

Bcf

billion cubic feet

BOE or boe

barrel of oil equivalent on the basis of 6 Mcf/BOE for natural gas and 1 bbl/BOE for crude oil and natural gas liquids

BOPD

barrels of oil per day

CSA

Canadian Securities Administrators

DPIIP

Discovered Petroleum Initially In Place

Gj

Gigajoule

M$

thousands of dollars

m3

cubic metres

Mbbl

thousand barrels

Mboe

1,000 barrels of oil equivalent

Mcf

thousand cubic feet

Mcf/d

thousand cubic feet per day

Mmbbl

million barrels

Mmbtu

million British Thermal Units

Mmcf

million cubic feet

Mmcf/d

million cubic feet per day

NGLs or ngls

natural gas liquids

Tcf

trillion cubic feet

TCFE

trillion cubic feet equivalent

TPIIP

Total Petroleum Initially in Place

UPIIP

Undiscovered Petroleum Initially In Place

WTI

West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for crude oil of standard grade

Definitions

Contingent Resources

Contingent Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable... Read more

Contingent Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable. It is recognized that some ambiguity may exist between the definitions of contingent resources and unproved reserves. This is a reflection of variations in current industry practice. It is recommended that if the degree of commitment is not such that the accumulation is expected to be developed and placed on production within a reasonable timeframe, the estimated recoverable volumes for the accumulation be classified as contingent resources. Contingent Resources may include, for example, accumulations for which there is currently no viable market, or where commercial recovery is dependent on the development of new technology, or where evaluation of the accumulation is still at an early stage.

Discovered-Petroleum-Initially-In-Place (DPIIP)

Discovered Petroleum-Initially-In-Place (DPIIP) is that quantity of petroleum which is estimated, on a given date, to be contained in known accumulations, plus those quantities already produced therefrom. DPIIP may be... Read more

Discovered Petroleum-Initially-In-Place (DPIIP) is that quantity of petroleum which is estimated, on a given date, to be contained in known accumulations, plus those quantities already produced therefrom. DPIIP may be subdivided into Commercial and Sub-commercial categories, with the estimated potentially recoverable portion being classified as Reserves and Contingent Resources respectively, as defined elsewhere in this Glossary.

Gross or gross

Relating to production / reserves: Crew’s working interest (operating and non-operating) share before deduction of royalties and without including any royalty interestRelating to wells: the total number of wells in... Read more

Relating to production / reserves: Crew’s working interest (operating and non-operating) share before deduction of royalties and without including any royalty interestRelating to wells: the total number of wells in which Crew has an interestRelating to properties: the total area of properties in which the Corporation has an interest

Net or net

Relating to production / reserves: Crew’s working interest (operating and non-operating) share after deduction of royalty obligations, plus Crew’s royalty interests in production or reservesRelating to wells: the number... Read more

Relating to production / reserves: Crew’s working interest (operating and non-operating) share after deduction of royalty obligations, plus Crew’s royalty interests in production or reservesRelating to wells: the number of wells obtained by aggregating Crew’s working interest in each of its gross wellsRelating to properties: the total area in which Crew has an interest multiplied by the working interest owned by Crew

NI 51-101

National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

Operating Netback

A measure of oil and gas sales net of royalties, production and transportation expenses. This is a non-GAAP measure used specifically in the oil and gas industry as a benchmark to compare performance between different... Read more

A measure of oil and gas sales net of royalties, production and transportation expenses. This is a non-GAAP measure used specifically in the oil and gas industry as a benchmark to compare performance between different areas of operations and different peer companies.

Prospective Resource

Prospective Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations.

Prospective Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations.

Total-Petroleum-Initially-In-Place (TPIIP)

Total Petroleum-initially-in-place (TPIIP) is that quantity of petroleum which is estimated to exist originally in naturally occurring accumulations. TPIIP is that quantity of petroleum which is estimated, on a given... Read more

Total Petroleum-initially-in-place (TPIIP) is that quantity of petroleum which is estimated to exist originally in naturally occurring accumulations. TPIIP is that quantity of petroleum which is estimated, on a given date, to be contained in known accumulations, plus quantities already produced therefrom, plus estimated quantities in accumulations yet to be discovered. TPIIP may be subdivided into Discovered Petroleum-initially-in place and Undiscovered Petroleum-initially-in-place, with Discovered Petroleum-initially-in-place being limited to known accumulations. It is recognized that all Petroleum-initially-in-place quantities may constitute potentially recoverable resources since the estimation of the proportion which may be recoverable can be subject to significant uncertainty and will change with variations in commercial circumstances, technological developments and data availability. A portion of those quantities classified as Unrecoverable may become recoverable resources in the future as commercial circumstances change, technological developments occur, or additional data are acquired.

Undiscovered Petroleum-Initially-In-Place (UPIIP)

Undiscovered Petroleum-initially-in-place (UPIIP) is that quantity of petroleum which is estimated, on a given date, to be contained in accumulations yet to be discovered. The estimated potentially recoverable portion... Read more

Undiscovered Petroleum-initially-in-place (UPIIP) is that quantity of petroleum which is estimated, on a given date, to be contained in accumulations yet to be discovered. The estimated potentially recoverable portion of UPIIP is classified as Prospective Resources, as defined elsewhere in this Glossary.